2. Table 1 below shows the number of baskets produced by a Bentle Weavers in the short run using three machines and labour. Use this table to answer the question below Capital 3 3 3 3 3 Labour 0 1 2 3 4 Total Product 10 Marginal Product 15 What is the maximum value of total product for this firm? a) 48 b) 25 c) 10 d) 40 Average Product 16 10

2. Table 1 below shows the number of baskets produced by a Bentle Weavers in the short run using three machines and labour. Use this table to answer the question below Capital 3 3 3 3 3 Labour 0 1 2 3 4 Total Product 10 Marginal Product 15 What is the maximum value of total product for this firm? a) 48 b) 25 c) 10 d) 40 Average Product 16 10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

5) can i get help with this question
Question 10 Figure 1 below shows the relationship between the number of mechanics hired and the number of car repairs performed per day at a car-repair shop. Number of Cars Repaired 0 2 4 5 Number of Mechanics The production process depicted on the graph exhibits marginal product of labor. O increasing O constant O diminishing 18 17 15 12 8 00
20
shows the long-run average costs for three firms. Quantity Ali's Hats 1 2 3 4 5 6 7 $110 60 90 115 150 220 300 Bodi's Bats $110 80 70 70 70 70 90 Cody's Mats $110 90 80 70 50 20 30 a) In which industry, Hats, Bats or Mats, would there likely be many small firms? Industry: (Click to select) · b) In which industry, Hats, Bats or Mats, would there likely be firms of many different sizes? Industry: (Click to select) - c) Which industry Hats Bats or Mats, would likely be dominated by a few large firms? Industry (Click to select) Hats Bats Mats
Please show how to complete chart LRAC what is the process
(Figure: Determining Marginal Returns) Based on both the table and the figure, adding a third worker leads to marginal returns. Average Product and Marginal Product Output 1 2 3 14 Labor 5 6 17 12 10 8 6 4 8 9 10 0 -2 BAY constant 2 Total Product O negative 5 12 21 31 40 48 54 57 57 increasing 54 diminishing 4 MP 5 7 9 10 9 8 6 3 0 3 6 Workers AP 5 6 7 7.75 8 8 7.71 7.12 6.33 5.4 8 10 12
From the table attached below, which plant will the firm choose for producing 18 chocolates per day if each worker costs $15 per day and each machine costs $50
What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product Marginal Product (Quintals) Average Product (Quintals) (Quintals) AL 7. 80 80 - 80 170 90 100 83 90 3 270 4 368 430 480 92 86 6. 80 7 S04 72 S04 63 9. 495 480 10 -15
4. At Alan's landscaping firm, labor is fixed in the short run. Increasing his use of capital always leads to additional output and his production function exhibits both increasing and diminishing marginal returns to capital at different points. Using a two-panel diagram, sketch the marginal, average, and total product of canital at Alan's firm. Your diagram does not need to be to scale, but must be internally consistent and consistent with both the information given and economic theory. Explain your diagram and the relationship between the different curves.
Use the following to answer questions 5-6: Production Data for Baseball Bat Company Total output (No. of bats) No. of workers 1 20 42 3 66 4 94 124 6. 150 7 170 8. 184 194 200 9. 10 11 204 12 202 13 198 14 190 (Note: disregard the instructions above the table) Using the above table diminishing marginal returns set in after the worker is hired. O 12th 1st 7th 5th
1. Figure 1 shows the production function of a firm. Y В Y2 Y1 X X1 X2 a) What are the variables along (i) of the X axis? (ii) Y axis? b) Does the firm operate in the short term or long term? c) Referring to the diagram above, what is the level of input where (i) firms experiencing increased marginal output? (i) does the firm experience a declining marginal output? (i) the firm achieves maximum marginal output? (iv) the firm achieves a blank marginal output?
Question When do firms decide to shut down production in the short run? Explain it. How is the short run average cost curve and the long run average cost curve shaped? What is the difference between them? Graphical representation of the short-run total cost curve showing total cost, fixed cost, variable cost: and The marginal cost and average total cost: